Norwich Union has revealed the depressing news that over 20 million adults in Briton do not own a life insurance policy or any kind of protection cover.

The leading insurance company has warned that many of the policy less population are risking financial ruin by leaving their future up to chance.

Their research has shown that the main reason for not purchasing life insurance is that they either haven't thought about it or considered taking out a policy (37%).

Head of protection marketing at Norwich Union, Darren Dicks commented; "These findings are cause for concern as they suggest many people are taking an it won't happen to me' approach to protection. Around 52% of UK adults have no life cover at all and the remainder are either underinsured or unsure about what type of cover they hold.''

"There is currently a £2.3 trillion protection gap in the UK which leaves a large proportion of the population vulnerable. Many people wait until they have a particular event in their lives, such as a house purchase or the birth of a child before they purchase life cover, but people shouldn't take the view that they need to wait," he concluded.